BELGIUM: AmBev abandons Quinsa share purchase

By | 20 April 2007

AmBev has finally conceded defeat in its attempts to buy the remaining shares in Argentina-based brewer Quinsa.

The InBev-owned South American company said yesterday (19 April) that its offer, to buy up to 6.8m class A shares and 8.6m class B shares, has expired and "will be withdrawn". AmBev had been trying to buy the shares through its Beverage Associates Holding subsidiary.

"At the expiration of the offer, 2,535,448 class A shares and 1,618,379 class B shares, representing 0.63% of the voting rights of Quinsa, had been tendered in and not withdrawn from the offer," AmBev said. As the minimum tender condition of the offer - requiring 3.9m class B shares be tendered - has not been met, AmBev said it is closing the offer.

AmBev had extended the deadline for the offer three times throughout this year.

A number of minority shareholders had opposed AmBev's overtures since the offer was first made. Speaking to just-drinks last month, Amit Bhatiani of Duma Capital Partners in New York said that AmBev is not paying "a fair price for what we think Quinsa is worth to us".

Sectors: Beer & cider

Companies: AmBev

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